The point has now come that even the giants of the financial world can no longer ignore it. Even they have started using blockchain for their infrastructure. Taurus, one of the platforms supported by two major banks, now also works with Polygon (MATIC).
Banks want Polygon
The Swiss Taurus enables businesses to tokenized (read: put on the blockchain) to issue assets. Taurus can also manage them, because that’s where it is custodian for. Last February raised $65 million in an investment round led by Credit Suisse.
Next to this huge Swiss investment bank to have also Deutsche Bank, Arab Bank Switzerland and Pictet Group invested in Taurus, who are also all customers of the company.
Op Friday wrote the blockchain platform in a blog post that’s it now supports the Polygon (ticker: MATIC) blockchain. Customers all want crypto infrastructure without being tied to a specific cryptocurrency or blockchain. Taurus wants to address this by simply offering different protocols.
Polygon is a protocol that helps Ethereum (ETH) scale activity. So with Polygon you can process transactions on Ethereum, but with much lower transaction costs and with a higher throughput. At the same time, it must maintain the security and ecosystem of Ethereum.
“Tokenizing” assets is the future
Taurus thinks putting “offline assets” on the blockchain is the next big opportunity for the crypto market. This branch of sport would grow to a worldwide market value of 10 trillion dollars. In the meantime, it says it already controls 60% of the entire tokenization market in Switzerland.
It’s not alone in that. Even BlackRock, the largest asset manager in the world, sees great opportunities in putting stocks and bonds, for example, on the blockchain, BlackRock CEO Larry Fink recently stated.
Unfortunately, Credit Suisse has now gone bankrupt, but according to Reuters now restarted. The Swiss UBS has rescued Credit Suisse and enables the company to continue its activities under its own name.